Notice of Change in Terms of Treasury Management Services Agreements
April 6, 2011
In this Notice, “we”, “us” and “our” refer to RBC Bank (USA) and the terms “you” and “your” refer to our customers who are using or receiving any of our Treasury Management Services.
We have changed the terms of the following documents:
The above documents have been changed by adding in each a Notice regarding “dual controls” that is substantially as follows:
NOTICE: While not required as one of our security requirements and procedures, we strongly recommend that all instructions or directives you give to us, or you give to any other persons, relative to any one or more of the Services, especially those involving the transfer of funds, be initiated by you through internal security procedures that include dual controls. The reason for this recommendation is the prevalence, generally in businesses but not necessarily with our customers, of fraudulent or other unauthorized instructions or directives where internal security systems include only single controls. For the purposes hereof, “dual controls” is a control procedure whereby the active involvement of two people is required to complete a specified process, such as dual physical control (e.g., two people required to perform a specific task) or dual logical control (e.g., a higher level authorization password required to permit the entry of data created by another person).